The cryptocurrency market continues to underperform through the weekend, and BTC and others could see further losses.
The crypto market has been correcting since the beginning of the week. Bitcoin has lost almost 20% of its value in the last few days. Bitcoin started the week trading above $65,000 per coin. Now the crypto is struggling to stay above the $57,000 level.
The bears are in control of the market. Losses could increase if the current market dynamics does not change. At the time of writing, Bitcoin is trading at $57,074 per coin. That’s down 17% from the all-time high of $69,044 reached about two weeks ago.
Important levels at a glance
The BTC/USD 4-hour chart is extremely bearish at the moment, thanks to the recent poor performance of Bitcoin. The MACD line is below the neutral zone, while the RSI of 33 shows that Bitcoin is currently oversold.
The technical indicators show that Bitcoin could face further selling pressure in the coming hours and days. Bitcoin is trading well below its simple 100-day moving average of $62,144 as bearish sentiment continues to increase.
What you can expect
The cryptocurrency market is currently very bearish and the prices of Bitcoin and other cryptocurrencies could continue to decline in the coming days. If the current momentum is maintained, Bitcoin could be forced to defend the first major support at $ 56,082.
However, if the bears continue to maintain control in the coming hours and days, there is a risk that Bitcoin will fall below the level of $ 55,000 for the first time since October 11. If the bearish mood does not worsen, Bitcoin should be able to defend the psychological level of $ 53,000 in the coming days.
On the other hand, the bulls could regain control of the market and push BTC towards the first resistance point at $60,378. In the event of a prolonged rally, BTC would potentially rise higher and target the $62,000 resistance level in the next few hours.